The National Stock Exchange of India's long-awaited IPO has moved into its final bidding day after becoming fully subscribed on the second day of the offer.
The ₹225.69 billion, or roughly $2.3 billion, offering is an offer-for-sale by existing shareholders rather than a fresh issue of capital for the exchange. The price band is ₹1,700 to ₹1,785 a share, and the listing is planned for September 24.
The issue is arriving at a time when derivatives activity - a major source of NSE revenue - has been affected by regulatory changes and higher transaction costs. That makes the IPO more than a listing event: it is also a test of how investors value an exchange whose dominant derivatives franchise is being reshaped by policy.